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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹24,609 Cr
verified against source
Revenue YoY
15%
reported change
EBITDA
₹55,976 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Vedanta delivered a record FY26 with ₹1.74 lakh crore revenue (+15% YoY), ₹55,976 crore EBITDA (+29% YoY), and ₹25,096 crore PAT (+22% YoY). Q4 EBITDA margin expanded 915 bps YoY to 32.2%, driven by record aluminium production (2.9Mt, +48% YoY), lowest zinc cost ($959/t), and strong volume growth across segments. The demerger is on track for listing by mid-June, with each entity having a tailored capital structure (e.g., oil & gas near zero debt). Guidance includes aluminium cost reduction to $1,650-1,700/t in FY27 and H2 ramp-up of new smelters. Key risk: delays in coal mine approvals (Sigimal, Gare) could impact captive power cost savings.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects aluminium cost of production to decline to $1,650-1,700 per ton in FY27, with H1 flat to 1% lower vs Q4 FY26.
- Alumina cost expected to be around $750 per ton in Q2 FY27, down from Q4 FY26 levels, driven by captive bauxite and operational improvements.
- The new 435kt smelter at Balco will ramp up from 25kt in Q1 to 105kt per quarter by Q4 FY27.
- The 8Mt run-of-mine expansion at Hamsburg is 94% complete and expected to commission in the current quarter, with ramp-up over 12-15 months.
Risks flagged
- The boiler accident at Athena plant has halted operations; restart timeline is uncertain pending assessment, potentially affecting power segment earnings.
- Sigimal and Gare coal mines face regulatory delays; management expects EC soon but timeline has slipped, risking captive coal cost benefits.
- Copper business has been barely profitable due to negative treatment charges; management expects margin improvement to 5% in FY27 but execution risk remains.
- Hamsburg phase 2 has faced delays due to waste stripping and skills shortages; any further delays could impact production and EBITDA targets.
Key quotes
- The year represented a clear inflection point for Vedanta as strategy and execution converged to deliver the best ever financial performance in the company's history.
- We delivered record high annual revenue of 1.74 lakh crores, EBITDA of 56,000 cr, PAT of over 9,300 cr and our free cash flow pre-tax of 26,013 rupees cr.
- The demerger has been architected with precision on capital structure aligning debt with earning strength and growth stage of each resulting companies.
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